Bloomberg News

Abraaj, Time Warner Said to Place Binding Bids for Turkey’s ATV

May 30, 2012

Time Warner Inc. (TWX:US) and Abraaj Capital Ltd., a Dubai-based buyout firm, placed binding bids for ATV television channel owned by Istanbul-based Calik Holding AS, two people with direct knowledge of the situation said.

Calik Holding, which has interests in energy, textiles and banking, and Goldman Sachs Group Inc. (GS:US), which Calik hired to advise on the sale, will assess the bids within a month, said the people, who declined to be identified because the process is confidential. A bid from Rupert Murdoch’s News Corp. (NWSA:US) was rejected as uncompetitive, they said.

News Corp. spokesman Jack Horner and a spokesman for Time Warner declined comment. Serhat Albayrak, head of Calik’s media group, didn’t respond to e-mailed questions and four telephone calls to his office seeking comment. Selcuk Yorgancioglu, head of Abraaj’s Turkish office, declined comment.

Calik paid the government $1.25 billion for ATV and the Sabah newspaper after winning loans from state-run banks and its Qatari partner in 2008.

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net


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Companies Mentioned

  • TWX
    (Time Warner Inc)
    • $84.99 USD
    • 0.98
    • 1.15%
  • GS
    (Goldman Sachs Group Inc/The)
    • $175.4 USD
    • -0.86
    • -0.49%
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